John Mercadante - Mar 11, 2022 Form 4 Insider Report for Transportation & Logistics Systems, Inc. (TLSS)

Role: Director
Signature: /s/ John Mercadante
Stock symbol: TLSS
Transactions as of: Mar 11, 2022
Transactions value $: $270,000
Form type: 4
Date filed: 6/2/2022, 03:42 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TLSS	Common Stock	Award	$250K	+22.7M	+1748.25%	$0.01	24M	Mar 11, 2022	Direct	F1
transaction	TLSS	Common Stock	Award	$20K	+1.82M	+7.57%	$0.01	25.8M	Mar 11, 2022	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On 3/11/22, the Company made a restricted stock award to Mr. Mercadante, the Company's former CEO and continuing director, covering 22,727,273 shares of the Company's Common Stock, at $0.011 per common share, based on the quoted closing price of the Common Stock on the measurement date. These shares vested immediately.
F2	On 3/11/22, the Company also made restricted stock awards, in equal amounts, to the three (3) independent members of the Company's board of directors (i.e., Messrs. Mercadante, Newton, and Benton), covering an aggregate of 5,454,546 shares of Common Stock, at $0.011 per common share, based on the quoted closing price of the Common Stock on the measurement date. These shares will vest in equal four (4) quarterly installments with the first installment of 1,363,636.50 shares vesting on 3/31/22, and 1,363,636.50 shares vesting each subsequent quarter through 12/31/22.

Content

On 3/11/22, the Company made a restricted stock award to Mr. Mercadante, the Company's former CEO and continuing director, covering 22,727,273 shares of the Company's Common Stock, at $0.011 per common share, based on the quoted closing price of the Common Stock on the measurement date. These shares vested immediately.

On 3/11/22, the Company also made restricted stock awards, in equal amounts, to the three (3) independent members of the Company's board of directors (i.e., Messrs. Mercadante, Newton, and Benton), covering an aggregate of 5,454,546 shares of Common Stock, at $0.011 per common share, based on the quoted closing price of the Common Stock on the measurement date. These shares will vest in equal four (4) quarterly installments with the first installment of 1,363,636.50 shares vesting on 3/31/22, and 1,363,636.50 shares vesting each subsequent quarter through 12/31/22.